Bank of America (NYSE: BAC) CEO Moynihan Looks to Make Headway in China: WSJ

Bank of America's (NYSE:BAC) CEO Moynihan has reportedly headed to China this week for the first time as the bank tries to catch up with rivals in the world's fastest growing economy.

The Wall Street Journal cited sources familiar with the situation saying the bank's board recently approved a plan to get local incorporation in China following months of negotiations and delays.

Shares of Bank of America (NYSE:BAC) are flat Monday.